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解决国有股全流通问题及股票市场欺诈问题很重要，但中国的产权交易市场问题比国有股问题更重要，影响更为深远。缺乏多层次资本市场问题与国有股不流通问题，二者急需协调起来解决。因此，我们提出建立中国多层次资本市场的两个假设方案。国家开设一个上市公司国有非流通股的递进流通市场，在该市场向全体股民减持国有股，用六年时间实现与A股市场并轨，股票流通速度由慢逐年到快，直到实现现在A股的T+1流通制度。这个市场的特点是，对买入行为不加限制，但对卖出有较长时间上的限制。第一年(2005年)政府在这个市场上竞价卖出国有股，规定本年度实行T+60制度，规定本年度申购或买入的股票60天后
It is important to solve the problem of full circulation of state-owned stocks and fraud in the stock market. However, the issue of property rights markets in China is more important than that of state-owned stocks and the impact is even more far-reaching. Lack of multi-level capital market problems and non-circulation of state-owned shares, the two urgently need to coordinate solutions. Therefore, we propose two hypothetical plans for establishing a multi-level capital market in China. The state has set up a progressive liquidity market for state-owned non-tradable shares of listed companies, reducing state-owned shares to all shareholders in this market and merging with the A-share market in six years. The circulation speed of the shares has been slowing down from year to year until the realization of the current A-shares T + 1 circulation system. The market is characterized by no restrictions on buying behavior but a longer period of restriction on selling. In the first year (2005), the government auctioned state-owned shares in this market, stipulating that the T + 60 system will be implemented for the current year and that 60 days of stock purchased or bought in the current year